November 2018 Monthly Market Indicators November-Monthly-Market-Indicator

Monthly Indicators
November 2018
The booming U.S. economy continues to prop up home sales and new listings in
much of the nation, although housing affordability remains a concern. Historically,
housing is still relatively affordable. Although Freddie Mac recently reported that the
30-year fixed rate is at its highest average in seven years, reaching 4.94 percent,
average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39
percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown
in home price growth in some markets, while price reductions are becoming more
common.
New Listings were up 11.0 percent to 533. Pending Sales increased 1.0 percent to
396. Inventory grew 4.6 percent to 2,309 units.
Prices were still soft as Median Sales Price was down 0.4 percent to $323,858. Days
on Market decreased 9.6 percent to 132 days. Months Supply of Inventory was
down 5.4 percent to 5.3 months, the tenth consecutive month of year-over-year
declines.
The Bureau of Labor Statistics recently reported that the national unemployment
rate was at 3.7 percent. Low unemployment has helped the housing industry during
this extensive period of U.S. economic prosperity. Home buying and selling activity
relies on gainful employment. It also relies on demand, and builders are showing
caution by breaking ground on fewer single-family home construction projects in the
face of rising mortgage rates and fewer showings.
Quick Facts
- 2.2% - 0.4% - 5.4%
One-Year Change in
Closed Sales One-Year Change in
Median Sales Price One-Year Change in
Months Supply
A research tool provided by the Hilton Head Association of REALTORS®.
Percent changes are calculated using rounded figures.
Market Overview
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
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5
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Current as of December 10, 2018. Data is Copyright © 2018 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2018 ShowingTime. | 1